Trading the New Week Opening Gap on TradingView

Good morning, folks. It's Monday morning.

It's presently about almost 10 minutes after 8:00

Eastern Time in the States.

Your TradingView charts should always be set to New York time.

That way you can follow along in everything I'm referring to.

Here's the closing price on Friday,

and I want you to take a notation on that.

Draw a little line out from it.

And note that we also have a gap lower here on Sunday's trading.

We started trading there at the open, traded down initially,

and then came all the way back up and closed in that gap

from the close of Friday and the opening on Sunday.

So that is our new week opening gap.

So you want to have that noted on your chart like that.

Okay, and with this,

I want to pull out from this perspective.

And right now your chart should be default on, that's electronic trading hours.

You want to click on that and go to regular trading hours.

Okay, if you click on that, you'll see that all those other candles disappeared.

So here's that same area here and here on the 15,

respectively on the lower hourly up here.

So if I maximize the 15-minute timeframe chart,

you can see there's where we were and then where we delivered.

Okay, and that's what I'm waiting specifically for the 9:30 opening

range to see what we do.

But whenever we have a gap like this, it's more likely that it wants to try to

draw up in and revisit,

because fair value on the daily chart,

not fair value gap, but fair value is last Friday's close.

So we gap down here, if, like for instance, say hypothetically

we're trading at 4050 at 9:30.

That means there's a large gap between 84 and 50,

difference between Friday's closing price and where we open up

on new trading in regular trading session hours.

So it's more likely that the market will want to gravitate towards that direction.

And it doesn't necessarily mean to come all the way back up to that gap,

but it sets the tone for a soft bias.

Okay, when I say soft bias, that means I have nothing to lean on

except for that's the minimum expectation right now.